Private Equity知识点有哪些?是不是都已经掌握了CFA?

Private Equity知识点有哪些呢?是不是都已经掌握了呢?在CFA备考中需要知道每个科目中的知识点的,今天跟着小编一起看看这个知识点的学习!

CFA备考

1、classification

leveraged buyout:针对大而成熟的机构

venture capital:针对小的早期的机构

development capital:上市公司(expanding or restructuring)

distressed investing:财务困境的公司

2、LBO target companies:

Undervalued/depressed stock price

Willing management

Inefficient companies

Strong cash flow

Low leverage

Physical assets as security

3、Stages:

Angel investing

Seed stage:vc

Early stage:vc

Later stage

Mezzanine stage:pre-ipo

4、PE structure and fees:

GP & LP as hedge fund

Management fees are based on committed capital not invested capital

Incentive fees are earned until LPS received initial investment back

Clawback provision: 亏钱回吐incentive fees


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5、Common exit strategies:

Trade sales to strategic buyer(战略投资者)

IPO

Recapitalization

Trade sales to another PE

Write off/liquidation

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